By way of background, we are viewing the sell-off from 1.40 as wave-1 in a larger decline. This because the rally from last April satisfied an impulse wave-C and that in turn completed a longer-term triangle (wave-E). S/t, prices have been range bounce between 1.3510/1.3675 but recently failed to hold a break of the range highs. This is a bearish development and could be considered the top of a wave-2 correction. Levels to confirm that a deeper decline is ahead are: 1) the 1.3644 pivot level and 2) channel support at 1.3610. For today, 1.3644 is pivotal and 1.3700 is key resistance (a tighter range of focus is 1.3644/1.3664). Conviction: Low/Med Levels: Support – 1.3644, 1.3610, 1.3576 Resistance – 1.3664, 1.3676, 1.3700
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